Plans of integrating China’s WeChat Pay and Alipay into its virtual banking platform is being drawn up by Barclays Bank of Kenya,said Andrew Mwithiga, head of virtual banking at the Barclays Bank of Kenya.
There is need for the development of seamless channels of payments so that it is possible for users to make payments easily in time and conveniently through cross border transactions, said Mwithiga, and added that this had become a necessity because China has turned out to by an important trading partner for Kenya.
“We are keen to enter into strategic partnerships that transcends banks, telecommunication and financial technology companies both within inside and outside the country and this may include Wechat Pay and Alipay in order to improve our customer experience,” Mwithiga said while speaking at a media policy forum on the impact of virtual banking on the financial value chain which had been organized by the Strathmore University Business School (SBS) of Kenya.
It was no longer possible to ignore China because it has developed tremendous economic prowess and has become the preferred destination and a source for manufacturing of products, Mwithiga said.
“We are now seeing small entrepreneurs source goods directly from China resulting in the need for innovative digital platforms to send money across borders,” he added.
The smartphone has now become one of the most important channels that is access easily by consumers for making financial transactions because of the tremendous and fats development of telecommunications and internet connectivity and penetration, said Barclays Bank.
It is currently important for banks to remain competitive by being innovative because of the shifting of the consumers of financial services more to digital and social media platforms, Mwithiga said.
(Adapted from XinhuaNet.com)